Based on a previous post: https://www.tradethevolumewaves.com/post/eurjpy-just-entered-short-this-is-why
Well nothing nothing went wrong we followed the rules with a Plutus Short on the exit of the range but it did not work out, it happens we cannot get everything right.
Please read the whole story below for more explanations.
The Entry: that SI ratio 9.0 /3.9> 2 and the 1HR bar closed below the low of the range , so this entry was by the book.
Then I adjusted the waves to be more sensitive to see if I missed something. After this adjustment there was another short pattern, Plutus Reversal Short with SI ratio 19.8/5.1>2. Now you might think that there is Plutus Long when it broke the range and that is the 19.8 and the 3.5 wave. No, this is not a Plutus Long because the 3.5 wave closed below the low of 19.8 wave therefore not valid.
The only Long pattern after the entry point is on the 30 min chart (SI ratio 8.9/3.9>2 Plutus) long but we do not trade the 30 min chart.
VERY VERY IMPORTANT : What ever is going to happen is going to be a big move. How do I know ? Just by looking at the Daily chart (see below) , that 114.6 SI is something extraordinary there is nothing like that on the entire chart. But we do not get the details and the entry points from the Daily chart. Both scenarios are valid Long and Short , the safest would be to enter after the break (The Follow Strategy) but not on the 1st 1HR let it go 2-3 bars but look always left to find the next significant level so that the risk reward ratio is worth the entry.